Sinkapore needs a pension plan

[winnipegjets]

Larry Fink runs BlackRock Inc., the world’s biggest money manager. His New York-based company oversees assets greater than 20 times those of the mammoth Canada Pension Plan Investment Board. In 1999, the company went public. It has grown incredibly fast ever since. It manages money for everyone from retail investors to pension plans. During the financial crisis, the U.S. Treasury hired BlackRock to run assets in the Troubled Asset Relief Program, and the Bank of Greece hired the company to help fix the country’s banking system.

On why having strong pensions has been a boon for Canada’s economy:

“If you have confidence in your retirement, then you can consume more too. … In Canada, you have some [pension] plans that have done very well and … I think one of the fundamental reasons why Canada has fared better than the United States …[is] there is such a larger component of the Canadian population that, as they near retirement, they don’t have the stresses of having enough money for retirement, because your retirement plans are far stronger than some of the U.S. retirement plans.”

On mandatory pension plans, :

“I am a big fan of mandatory savings plans. I’ve been saying that in the United States. I love what they did in Australia. You turn 16, you get a card. Even if you are working part-time, you are building up a pension plan. … In Australia, when they go into retirement, they are going to have far better certainty. It’s that certainty that allows people to say, ‘You know what, that car is nine years old, it’s time to buy a new car. … I need a new dishwasher, I want to buy a new dress,’ whatever. I have more certainty.”

 

[Leongsam]

Singapore has the CPF scheme which is every bit as good as Canada's pension plans. In many ways, it is even better.

 

[The_Hypocrite]

What is needed is a final party house like in soylent green. At least they died with dignity. Not more burdens on the taxpayer like old fart. Imagine with a pension plan for all singkies who is going to pay the bill?

 

[zhihau]

Singapore has the CPF scheme which is every bit as good as Canada's pension plans. In many ways, it is even better.

do you feel rich when you looked at your CPF statements?

 

[winnipegjets]

Singapore has the CPF scheme which is every bit as good as Canada's pension plans. In many ways, it is even better.

Yeah, right. What have you been smoking?

Canadians have a pension that pays out about $12k a year until they die from age 65. They can start collecting a reduced pension from age 60. And the pension is indexed to inflation. At age 65, there is another income supplement that pays out $6k a year.

To earn that retirement income, employees contribute 2.5 percent of their income up to a maximum of $2400 annually. Employer contributes the same amount. So, a total of 5 percent income garners so much more for Canadians. Compare that to the CPF. 25 percent of income goes there ...and what do you have comes retirement?

How many sinkees have enough money in their CPF paying them $1.5k a month index to inflation till they die? At most 20 percent. That's why the PAP government is panicking.

 

[Leongsam]

Yeah, right. What have you been smoking?

Canadians have a pension that pays out about $12k a year until they die from age 65. They can start collecting a reduced pension from age 60. And the pension is indexed to inflation. At age 65, there is another income supplement that pays out $6k a year.

To earn that retirement income, employees contribute 2.5 percent of their income up to a maximum of $2400 annually. Employer contributes the same amount. So, a total of 5 percent income garners so much more for Canadians. Compare that to the CPF. 25 percent of income goes there ...and what do you have comes retirement?

How many sinkees have enough money in their CPF paying them $1.5k a month index to inflation till they die? At most 20 percent. That's why the PAP government is panicking.

Can the Canadian pension plan be used to buy property before retirement age?

My CPF savings is currently yielding more than $30,000 per year which is more than what the Canadian pension pays.

 

[Leongsam]

do you feel rich when you looked at your CPF statements?

Yes I feel very wealthy. It is a great scheme.

 

[winnipegjets]

Can the Canadian pension plan be used to buy property before retirement age?

You don't even know what is a pension plan ....give you time to read up first, ok. After that, you will know the answer to your question.

Remember, only 5 percent of income is deducted for the pension plan vs CPF's 25 percent.

 

[SgGoneWrong]

Can the Canadian pension plan be used to buy property before retirement age?

My CPF savings is currently yielding more than $30,000 per year which is more than what the Canadian pension pays.

Boss, you are caught lying! You previously mentioned that you withdrew all your cpf!

 

[The_Hypocrite]

How much do the canadians pay in taxes?

You don't even know what is a pension plan ....give you time to read up first, ok. After that, you will know the answer to your question.

Remember, only 5 percent of income is deducted for the pension plan vs CPF's 25 percent.

 

[winnipegjets]

How much do the canadians pay in taxes?

Pension plan contribution is 2.5 percent from employees and 2.5 percent from employers. The pension fund is NOT part of government revenue ...the money goes into the pension fund. The fund can pay out for another 75 years with no problem.

 

[johnny333]

Can the Canadian pension plan be used to buy property before retirement age?

My CPF savings is currently yielding more than $30,000 per year which is more than what the Canadian pension pays.

Many working Canadians prefer to rent because it's common to move around to where their jobs are. My friend in Edmonton has been renting for years but for his old age he plans to move to British Columbia & buy property there. Anyone who has been to Edmonton & BC will know that it is nicer in BC.

 

[johnny333]

How much do the canadians pay in taxes?

Other than pension plans. There are RRSPs. This is a voluntary savings plan. You can put in up to 20% of your annual income.

Canadians are not taxed on the amount put into a RRSP(Registered Retirement Plan) . These RRSPs are available via various banks in Canada.

 

[The_Hypocrite]

Such a system only benefits the rich as they can afford to put in extra to minimise tax. The poor n middle class cannot afford tat.

Other than pension plans. There are RRSPs. This is a voluntary savings plan. You can put in up to 20% of your annual income.

Canadians are not taxed on the amount put into a RRSP(Registered Retirement Plan) . These RRSPs are available via various banks in Canada.

 

[Leongsam]

Boss, you are caught lying! You previously mentioned that you withdrew all your cpf!

I don't lie regarding such issues. The money was in a bank as part of the CPF investment scheme. It is now back with CPF for the simple reason that the interest rate is now higher than what the banks are paying.

I keep a portion of my portfolio in SGD because I have more faith in the Singapore govt over the long term than I have in stability of the NZD. For example if a labour/greens coalition wins the election in Sep this year, the NZD could well plunge in value.

 

[frenchbriefs]

Yeah, right. What have you been smoking?

Canadians have a pension that pays out about $12k a year until they die from age 65. They can start collecting a reduced pension from age 60. And the pension is indexed to inflation. At age 65, there is another income supplement that pays out $6k a year.

To earn that retirement income, employees contribute 2.5 percent of their income up to a maximum of $2400 annually. Employer contributes the same amount. So, a total of 5 percent income garners so much more for Canadians. Compare that to the CPF. 25 percent of income goes there ...and what do you have comes retirement?

How many sinkees have enough money in their CPF paying them $1.5k a month index to inflation till they die? At most 20 percent. That's why the PAP government is panicking.

are things in canada cheap though...u must understand australians get 800 a month pension which sounds like alot but 800 is peanuts in australia.

 

[frenchbriefs]

I don't lie regarding such issues. The money was in a bank as part of the CPF investment scheme. It is now back with CPF for the simple reason that the interest rate is now higher than what the banks are paying.

I keep a portion of my portfolio in SGD because I have more faith in the Singapore govt over the long term than I have in stability of the NZD. For example if a labour/greens coalition wins the election in Sep this year, the NZD could well plunge in value.

why the heck would u keep a portion in sgd if u have no intention of coming back to singapore?

 

[Leongsam]

why the heck would u keep a portion in sgd if u have no intention of coming back to singapore?

Because I don't want to put all my eggs in one basket for reasons I already mentioned in my post.

I have mainly AUD, NZD, SGD and some USD.

 

[SgGoneWrong]

are things in canada cheap though...u must understand australians get 800 a month pension which sounds like alot but 800 is peanuts in australia.

Aussie old folks get min. 1.6k centrelink retirement pension. No 800 bucks. Even unemployed one month can get 1000 bucks.